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GERS Temporarily Suspends All Loans
(Thursday, August 20, 2015)
Trustees passes/adopts resolution to immediately suspend all GERS loans temporarily.
In the regular meeting of the GERS Board held on August 20, 2015, trustees passed and adopted a resolution by a majority vote, to temporarily suspend all GERS loans, effective immediately. This measure was taken to immediately address the liquidity issues affecting the System in order to ensure the availability of liquid funds to pay benefits, as well as to ensure the survivability of the System.
In other business, the Board:
- Authorized the Administrator to enter into an agreement with Segal Consulting to conduct an Experience Study of the System's Actuarial Assumptions for an amount not to exceed $30,000.00.
- Ratified a Poll Vote for Change Order No. 2 on the White House Project in the amount of $40,050.00 to LEBG LLC for unforeseen circumstances.
- Ratified a Poll Vote for increase to Jaredian Design Group due to LEBG LLC's Change Order No. 2 for construction phase services in the amount of $3,500.00.
All Trustees were present at Thursday's meeting.
To view PDF format of press release, click here.